STATE HAS $222.5 MILLION IN GENERAL OBLIGATION AND $2.4 BILLION IN TOTAL DEBT OUTSTANDING

New York, February 02, 2012 -- Moody's Investors Service has affirmed the Aa2 rating and stable
outlook assigned to the state of Oklahoma's Aa2 general obligation
debt. At the same time, Moody's has also affirmed the
related ratings on Oklahoma's lease appropriation debt. The
rating is based on conservative fiscal practices, healthy fund balances,
and below average debt levels, which are counterbalanced by constitutional
constraints on the ability to raise revenue, industrial concentration
in the volatile energy sector as well as a large, unfunded pension
liability.

SUMMARY RATING RATIONALE

STRENGTHS

-- Conservative fiscal management institutionalized in constitutional
limit that only 95% of estimated revenue can be appropriated

-- Decrease in oil or gas exploration leading to severe
economic dislocation

-- Structural imbalance leading to depletion of available
reserves

PRINCIPAL METHODOLOGY

The principal methodology used in this rating was Moody's State Rating
Methodology published in November 2004. Please see the Credit Policy
page on www.moodys.com for a copy of this methodology.

REGULATORY DISCLOSURES

Although this credit rating has been issued in a non-EU country
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be used by financial institutions for regulatory purposes until 30 April
2012. Further information on the EU endorsement status and on the
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